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VIRATEK REPORTS 1992 RESULTS

 COSTA MESA, Calif., March 5 /PRNewswire/ -- Viratek Inc. (AMEX: VRA, VRAE) today reported net income of $1.8 million on revenues of $5.4 million in 1992.
 The company said the revenue increase resulted from higher worldwide sales of the antiviral Virazole. Virazole is authorized for one of at least eight indications, principally herpes, influenza and hepatitis, in more than 40 countries. In the United States and 22 other countries, it is authorized for the aerosol treatment of infants hospitalized with severe lower respiratory tract infection caused by respiratory syncytial virus. It is marketed worldwide by SPI Pharmaceuticals Inc. (AMEX: SPI).
 Virazole sales in 1992 increased 30 percent in the United States. Sales in Mexico, buoyed by use in the treatment of herpes and other infections, increased 18 percent in 1992. Sales of Virazole were also higher in a number of other nations in 1992.
 Net income of $1.8 million, or 13 cents a share, compared to $3.6 million, or 25 cents a share in 1991, reflected the acceleration of research and development spending. Research and development spending by Viratek in 1992 totaled $2.3 million.
 The company has increased its research investment to support development of Virazole against hepatitis C, as well as new anticancer and immune-stimulating agents, and biomedical products. Multicenter Phase III trials with Virazole against hepatitis C are being conducted in the United States and Europe in an effort to obtain the necessary scientific data for marketing authorization for hepatitis C in the United States and worldwide.
 Viratek recently announced net proceeds of approximately $9 million from a public offering of 1,375,000 units. The fund will principally be used to complete the Phase III clinical trials and related projects.
 Revenues in the fourth quarter of 1992 were approximately $1.2 million compared to $1.8 million in the same period in 1991 as the result of a lower incidence of respiratory syncytial virus in the early winter in the United States. Reflecting increased higher research expenses in the fourth quarter, Viratek reported a loss of $402,000, or 3 cents a share, compared to a net income of $1.6 million, or 11 cents a share, in the fourth quarter of 1991.
 Viratek Inc. specializes in the development and licensing of new therapeutic pharmaceutical compounds from nucleic acid research.
 VIRATEK INC.
 Summary Financial Information for the Three and 12 Months Ended
 Dec. 31, 1992 and 1991
 (000s omitted except per share amounts)
 (Unaudited)
 Three months ended 12 months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Total revenues $1,242 $1,772 $5,448 $4,498
 Research and development 992 --- 2,299 ---
 Net income (loss) ($402) $1,635 $1,817 $3,587
 Per share information:
 Net income (loss) ($0.03) $0.11 $0.13 $0.25
 Shares used in per share
 computation 14,138 14,490 14,524 14,383
 -0- 3/5/93
 /CONTACT: Paul Knopick of Viratek, 714-545-0100, ext. 2465/
 (VRA VRAE SPI)


CO: Viratek Inc. ST: California IN: MTC SU: ERN

JL-MS -- LA004 -- 3319 03/05/93 08:01 EST
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Publication:PR Newswire
Date:Mar 5, 1993
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